Rising rental prices for all property types

Ask Wire, a real estate and technology information company, has released its Ask Wire Index for the second quarter of 2023 for real estate sales and rental values. The Ask Wire index covers all neighborhoods and major property types since the fourth quarter of 2009.

Overall, during the year, prices in Cyprus increased by 12.2% for apartments, 4.6% for houses, 4.4% for offices, 1.2% for retail stores, 8.8% for vacation apartments, 3.7% for vacation homes and decreased by 1.5% for warehouses. Overall, values rose 2.7% for apartments, 2.0% for homes, 1.0% for retail stores, 2.0% for offices and remained stable for warehouses during the quarter. As for apartments and vacation homes, values rose by 3.0% and 1.2%, respectively.

In terms of rental values, compared to the second quarter of 2022, there is an increase of 17.9% for apartments, 13.6% for houses, 6.8% for retail stores, 1.0% for warehouses, 10.8% for offices, 16.5% for vacation apartments and 13.9% for vacation homes. For the quarter, rental values rose 5.6% for apartments, 6.2% for houses, 3.3% for retail stores, 4.8% for offices and 0.5% for warehouses.

Ask Wire's CEO, Pavlos Loizou, notes that.

"The upward trend in property values and rents since Q2 2022 is not slowing down, especially due to the increase in apartment and house prices in Limassol, Paphos and Larnaca. However, the combination of higher interest rates and high prices/rents has created a stable, albeit high, market threshold. We expect commercial real estate prices to come under pressure as alternative investments provide attractive rice-adjusted returns. "

"Residential real estate prices are expected to remain fairly stable in the third quarter of 2023, despite a potential slowdown in demand and lower transaction volume. Investor demand for commercial real estate may remain relatively subdued."

For detailed information on sales and rental price movements by neighborhood, visithttps://ask-wire.com/insights/.